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Fed hikes:

Fed makes first interest-rate hike of 2023; Powell speaks at press conference

Banks Could Get Whopped by a Recession. But Bank of America Is a Fighter

3
·3 min read
Banks Could Get Whopped by a Recession. But Bank of America Is a Fighter

As Federal Reserve Chairman Jerome Powell seems almost intent on causing economic pain with a series of aggressive rate hikes to quell inflation, investors are wary that a recession would cause trouble for the banks. The market has already been discounting an adverse economic scenario for banks, ignoring the offsetting benefits of higher interest rates on net interest income. Bank of America's CFO spoke at a conference on Tuesday, giving confidence in the strength of the franchise and its customers.

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